Charlottetown, Prince Edward Island, May 14, 2008
Island Regulatory and Appeals Commission announced today
the following petroleum pricing decisions, effective
Gasoline prices will
increase by 6.0 cents per litre (cpl);
Furnace oil and stove oil
prices will increase by 10.0 cpl;
Diesel prices will increase
by 11.0 cpl; and
There will be no change in
propane prices at this time.
Including taxes, pump prices for regular unleaded gasoline at self-serve
outlets will now range from 129.7 cpl to 131.3 cpl.
A sustained escalation in global crude prices has resulted in the
average price increasing by over $13.00 per barrel since May 1st
and double the average price a year ago. A variety of factors have
combined to sustain upward pressure on product prices including:
Geo-political tensions in Nigeria, Iraq and Venezuela.
A weak U.S. dollar.
Oil production interruptions in Russia, Mexico and Europe.
A continued strong demand for distillate products in both Europe and
Continued growth in consumption in China, Southeast Asia and the Middle
The Commission's next scheduled price adjustment will be
on June 1, 2008.
Click here for published prices effective
May 15, 2008.